Wednesday August 13, 05:45 AM
China B-shares end morning lower led by property firms - UPDATE
BEIJING (XFN-ASIA) - China B-shares finished the morning session lower, with sentiment remaining weak following recent broad market losses, dealers said.
A weaker Wall Street and fresh worries over the state of the US financial sector also kept investors cautious.
Property firms led the declines in both Shanghai and Shenzhen.
The Shanghai B-share Index fell 6.26 points or 3.81 pct to 158.11, while the Shenzhen B-share Index fell 7.11 points or 1.84 pct to 379.99.
'Investor confidence is much weaker now, with turnover likely to decline further,' said a Shanghai-based analyst who asked not be identified.
Turnover linked to the composite index fell sharply to 31.06 bln yuan yesterday, already the lowest level in 20 months.
The analyst noted that the Shanghai market slumped by over 17 pct in the previous three days, mainly due to capital outflow after the slowdown in the yuan's appreciation against the dollar.
'The panic selling is irrational. We suggest investors stay on the sidelines rather than oversell,' he added.
In Shanghai, Lianhua Fibre Corp (SHB (Xetra: A0F5WN - news) 900913; SHA 600617) tumbled 7.46 pct to 0.360 usd, while Hainan Airlines (SHB 900945; SHA 600221) lost 6.44 pct to 0.450 usd. Huaxin Cement (SHB 900933; SHA 600801) was down 5.52 pct at 1.351.
Jiangsu Xincheng Real Estate (SHB 900950) shed 4.65 pct to 0.410 and Shanghai Waigaoqiao Free Trade Zone Development (SHB 900912; SHA 600648) slid 6.25 pct to 0.600.
Zhenhua Port Machinery (SHB 900947; SHA 600320), the heaviest weighted stock on the Shanghai B-share market, was down 3.10 pct at 1.062 usd.
In Shenzhen, Property firm Hainan Pearl River Holdings (SZB 200505; SZA 000505) lost 4.35 pct to 2.20 hkd, while China Merchants Property Development (SZB 200024; SZA 000024) slipped 4.39 pct to 8.50. China Vanke (SZB 200002; SZA 000002), the country's top property developer by market value, fell 3.72 pct to 7.50 hkd.
The National Development and Reform Commission, China's economic planner, said property prices in 70 major Chinese cities rose 7.0 pct year-on-year in July, down from 8.2 pct in June.
Retailer Shenzhen International Enterprise (SZB 200056; SZA 000056) tumbled 5.83 pct to 2.91 hkd, while Shandong Airlines (SZB 200152) and Bengang Steel Plates (SZB 200761; SZA 000761) shed 3.67 pct and 3.51 pct, respectively, to 2.89 hkd and 3.57 hkd.
The FTSE/Xinhua China B 35 Index was down 160.01 points at 5,704.67.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, ended the morning down 62.51 points or 2.54 pct at 2,394.69.
(1 usd = 6.8 yuan; 7.8 hkd)
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